Larson Opening Statement at Social Security Subcommittee Hearing on the Social Security Trust Funds in 2024 and Beyond

Thank you, Mr. Chairman, for holding this important hearing.

I also want to thank the witnesses, Mr. Goss from the Social Security Actuaries, Dr. Swagel from the Congressional Budget Office, and Mr. Huston from the Congressional Research Service.

Let’s cut to the chase: we need a vote on the Democratic and Republican plans for Social Security. Here’s why we need that vote: Social Security benefits are vital to the lives of so many Americans. It is the number one insurance and anti-poverty program for the elderly and for children.

People don’t get rich off of Social Security – they use it to pay their bills, buy groceries, and make ends meet. For 40% of Americans, Social Security will be the only retirement income they have! Not only is Social Security a retirement program, it is a disability program, it is a spousal program, and it is a widows’ program.

Yet, Republicans are busy attacking Social Security. What is their plan for Social Security? It is to cut benefits now, so the ultra-wealthy don’t have to pay their fair share.

The Republican Study Committee, the largest caucus in the House Republican Conference, proposed $1.5 trillion in cuts to Social Security, including by raising the retirement age for working Americans – a 21% cut in benefits. And Republicans have been pushing a double-secret probation “fiscal commission” to get those cuts done behind closed doors. This is all so they can deliver another round of tax breaks for the wealthy and large corporations.

Democrats have a plan to strengthen Social Security and to improve benefits for everyday, working Americans by making the wealthy finally pay their fair share - not more tax breaks for billionaires! Newsflash – more than 180 House Democrats cosponsor my bill that would extend the solvency of the Trust Fund to 2066 and enhance benefits for the first time in 50 years. And during the State of the Union, the President announced his support for protecting and strengthening Social Security benefits.

The Social Security 2100 Act provides a two percent average increase for everyone’s benefits. It improves the COLA to better reflect real costs faced by seniors. It ensures that no senior who has worked their entire life retires into poverty. It ends the five-month waiting period for disability benefits. And it repeals the Windfall Elimination Provision and Government Pension Offset, which unfairly penalizes public servants.

It pays for this by asking the wealthy to pay their fair share. Millionaires stopped paying into Social Security back in March. Billionaires stopped paying into Social Security in January! Currently, people who make over $168,600 stop paying into Social Security with every dollar they make over that amount.

The Social Security 2100 Act would raise that cap on FICA contributions so that people start paying into the system again over $400,000. A lot of wealthy people make a lot of money on capital gains and other investments – none of that income is subject to Social Security.

My bill would close the net investment tax loophole to ensure that those whose primary income is from capital gains or other investments cannot avoid paying into the program. This is what Republicans don’t want – they would rather cut benefits everyday Americans depend on so that the ultra-wealthy don’t have to pay their fair share.

That is the message you should take away from this hearing: Republicans want to cut Social Security so they can protect the ultra-wealthy. Democrats want to protect and enhance these vital benefits for everyday Americans.

Thank you, Mr. Chairman. I yield back.